Berkshire could be a buyer for parts of Countrywide

Warren Buffett may be one of the last buyers standing, as the subprime shakeout forces private equity and hedge funds to the sidelines. Berkshire could be a buyer for parts of Countrywide, whose shares have been hard hit.

After the Tumult, Is It Buffett Time?

The bond market has seized up, stocks are in turmoil, private-equity funds are sidelined and hedge-fund managers and lenders are hosting fire sales.

These are happy days for Warren Buffett.

"I can spend money faster than Imelda Marcos when things are right," he says, referring to the former Philippines first lady and renowned shopper.

For the past three years, Mr. Buffett's traditional bargain-hunting investment strategy has been partly stymied as debt-fueled private-equity funds and hedge funds drove asset prices out of his value-investing orbit.

The result: Today he's sitting on a war chest of nearly $50 billion in cash.[..]